Make sure you don't get caught out

colsten

Banks and building societies will carry out checks from January to see if account holders are legally in the UK. Accounts will be locked or closed if they find the account holder isn't a legal resident.

This will no doubt lead to countless mistakes, and wholly innocent people will end up at the receiving end of those mistakes. Take action now to protect yourself - having money in more than one current account with unconnected banks seems to be a must anyway, and even more so now. Also have a credit card or two with decent limits. That way you should hopefully have access to sufficient funds whilst the bank(s) sort out any mistake they made with your accounts.

I have no further information on this apart from the BBC News article.

http://www.bbc.co.uk/news/uk-41357048#

worried_jim

I've got some gold sovereigns sewn into the wasteband of my pants. Never taking me alive!

Thrugelmir

Take the positive view rather than the negative. People make mistakes always have done and always will do. Won't be the end of the world. Be interesting to see what the result is though. Technology is making the world a whole lot smaller and more transparent.

tenchy

A joint initiative between the Home office and the banks. Would could possibly go wrong? As said, now is the time to protect yourself with multiple accounts and credit cards. I see nothing positive about this at all. Any small gain will be far outweighed by the misery on its way to thousands of innocent people.

bigadaj

worried_jim wrote: »

I've got some gold sovereigns sewn into the wasteband of my pants. Never taking me alive!

So you've either got a lot of gold sovereigns or you don't change your pants very often.

pmduk

It'll just add to the issues already seen from some banks' heavy handed approach to the anti-money laundering regulations. Encouraged by huge fines levied for any failures.

It's the shift of legal monitoring control from the public sector to the private sector.

SuperAllyB

I'm going to change my name by deed poll to hsheudb djejdbd to try and avoid any chance of mistaken identity.

MarkFromCornwall

pmduk wrote: »

the anti-money laundering regulations.

That's the law against washing your pants when they have gold sovereigns sewn into the waistband right?

robatwork

I just put every penny I have into bitcoin.

Hope I've got in at the bottom and the only way is up.

Joe_Bloggs

Are their any guidelines to the bank/savings institutions with this policy. What proof is expected to be required from account holders ?
As I see it those who have lived here the longest are unlikely to have paperwork that says that they can live here.

With the ongoing destruction of branch networks and increased use of online technology this may well be a tick box exercise dreamed up by people who have to be seen to do something to justify their existence.

J_B.

datlex

SuperAllyB wrote: »

I'm going to change my name by deed poll to hsheudb djejdbd to try and avoid any chance of mistaken identity.

that's my auntie!